New Millennium Capital Corp.
TSX VENTURE : NML

New Millennium Capital Corp.

June 10, 2010 16:29 ET

New Millennium Concludes an Impact and Benefit Agreement Related to Its DSO Project With the Naskapi Nation of Kawawachikamach

CALGARY, ALBERTA--(Marketwire - June 10, 2010) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

New Millennium Capital Corp. ("NML" or the "Corporation") (TSX VENTURE:NML) and Naskapi Nation of Kawawachikamach (NNK) announced today that they have signed an Impact and Benefit Agreement (IBA). The "life of mine" agreement promotes and governs a mutually beneficial development of New Millennium's direct shipping iron ore (DSO) project located in western Labrador and north eastern Quebec, near Schefferville, Quebec.

The IBA establishes the processes and sharing of benefits that will ensure an ongoing positive relationship with all affected First Nations. In return for their consent and support of NML's DSO project, the First Nations will benefit through training, employment, business opportunities and financial participation in the project. The IBA also commits the Corporation to implement the project in a manner that safeguards the environment and provides the NNK with social and cultural protection.

The agreement with NNK is the first of four such agreements that are in the process of being concluded. Negotiations with three other affected First Nations, namely Nation Innu Matimekush-Lac-John (NIMLJ), Innu Takuaikan Uashat mak Mani Utenam (ITUM) both of Quebec and the Innu Nation from Labrador are currently in progress.

The IBA was signed in Montreal by NNK Chief Louis Einish and New Millennium Capital Corp. President and CEO, Robert Martin. NNK represents the community of Kawawachikamach located near Schefferville, Quebec. This First Nation has been a long standing partner supporting NML's quest to develop vast iron ore resources in the region. Under a previous agreement signed on August 11, 2004, NNK became 20% owner of NML's LabMag deposit and acquired a gross overriding royalty interest based on the sale of products from the project.

Chief Louis Einish of the Naskapi Nation, said "This is a welcome agreement for the Naskapi Community. We have waited over 25 years for industrial development in the Schefferville Area. Now, we see this as the beginning of a new and prosperous future for our people, and especially our young people. We are committed to this mutually beneficial partnership with New Millennium, a company that we have found to be a sensitive and responsive partner. Our agreement recognizes that mining projects best achieve their objectives when aboriginal social, economic, environmental and cultural well being are balanced with a company's need to generate a reasonable profit."

Robert Martin, President and CEO of NML said "This IBA is the result of a continuous dialogue with the NNK, a dialogue that was initiated in the early stages of our activities in the region. Although the NNK and NML have had to work actively in the last months to fashion this agreement, our exchanges have clearly demonstrated the engagement of the NNK toward finding solutions to the challenges that emerged in the course of the negotiations in order to formulate a mutually profitable accord."

About NNK
The Naskapi Nation of Kawawachikamach has approximately 1,000 members, most of whom live in the village of Kawawachikamach, which is located some 15 km northeast of Schefferville. The Naskapis settled in the Schefferville area in 1956. The NNK signed the Northeastern Quebec Agreement, Canada's second modern treaty, in 1978. It became one of Canada's first self-governing Aboriginal communities under the Cree-Naskapi (of Quebec) Act of 1984.

About New Millennium
New Millennium controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, which holds amongst the world's largest undeveloped magnetic iron ore deposits. In the same area, the Corporation is also advancing to near term production its DSO Project. Tata Steel, the world's eighth largest steel corporation, now owns 27.4% of New Millennium and is the Corporation's largest shareholder and strategic partner. Tata Steel has an exclusive option to participate in the DSO Project, a commitment to take the resulting production if the option is exercised, and an exclusive right to negotiate and settle a proposed transaction in respect of the LabMag Project and the KeMag Project (see news release 08-17, October 1, 2008 and news release 09-11, June 30, 2009). The Millennium Iron Range currently hosts two advanced projects: LabMag contains 3.5 billion tonnes of Proven and Probable reserves at a grade of 29.6% Fe plus 1.0 billion tonnes of Measured and Indicated resources at an average grade of 29.5% Fe and 1.2 billion tonnes of Inferred resources at an average grade of 29.3% Fe (see news release 06-13, July 5, 2006 and 07-11, July 17, 2007); KeMag contains 2.1 billion tonnes of Proven and Probable reserves at an average grade of 31.3% Fe, 0.3 billion tonnes of Measured and Indicated resources at an average grade of 31.3 % Fe and 1.0 billion tonnes of Inferred resources at an average grade of 31.2% Fe (see news release 09-01, January 15, 2009).

The Corporation's DSO project contains 64.1 million tonnes of Proven and Probable Mineral Reserves at an average grade of 58.8% Fe, 4.6 million tonnes of Measured and Indicated Mineral Resources at an average grade of 58.9% Fe, 7.15 million tonnes of Inferred Resources at an average grade of 55.9% Fe and approximately 40.0 million tonnes of historical resources that are not currently in compliance with NI 43-101 (see news release 09-03, February 11, 2009, news release 09-05, March 4, 2009 and news release 09-16, December 9, 2009). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon.

The Corporation's mission is to add shareholder value through the responsible and expeditious development of the Millennium Iron Range and other mineral projects to create a new large source of raw materials for the world's iron and steel industries. For further information, please visit www.nmlresources.com, www.tatasteel.com and www.corusgroup.com.

Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information